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Eagle Pharma (EGRX): TREANDA Win Protects BENDEKA Royalties - RBC

June 13, 2016 6:32 AM EDT
Get Alerts EGRX Hot Sheet
Price: $5.24 +4.59%

Rating Summary:
    2 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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The favorable legal win by Teva (NASDAQ: TEVA) on TREANDA announced intra-day Friday will protect the BENDEKA royalties for Eagle Pharmaceuticals (NASDAQ: EGRX) and importantly allow the company to now pivot to other opportunities including business development. Despite the +28% move higher, RBC analyst, Randall Stanicky, continues to see embedded value in EGRX with several important product updates expected this year. No change to Outperform rating or $78 price target.

The TREANDA decision adds protection to BENDEKA royalties with potential for upside. This decision had been highly anticipated. The win on the '270 patent (as part of the TREANDA decision and shared with BENDEKA) provides cover to 2026 and there are five other patents running to 2031-33. While the date of generic entry for TREANDA has not been disclosed by TEVA or EGRX, Glenmark stated its entry date per settlement is Nov 1, 2019.

For an analyst ratings summary and ratings history on Eagle Pharmaceuticals click here. For more ratings news on Eagle Pharmaceuticals click here.

Shares of Eagle Pharmaceuticals closed at $53.00 yesterday.



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